Electrum Sending Fee

[jerry0]

I heard bitcoin sending fees are very high now.  Is this true or not?  Back then it was either 0 if you don't put any fees or it was like 6 cents etc.  Then it got up to 25 cents and i recalled few times i last send it was 2 dollars or a bit more etc.


Can someone tell me what are the fees?

[Potato Chips]

I heard bitcoin sending fees are very high now.  Is this true or not?  Back then it was either 0 if you don't put any fees or it was like 6 cents etc.  Then it got up to 25 cents and i recalled few times i last send it was 2 dollars or a bit more etc.

Miner fees depends on the size of a certain transaction as well as the current network condition so the total amount you're sending doesn't matter. It seems like you're talking about the days when fees are just voluntary, A lot things have change since then and that includes it. Thats a long time ago so compared then, it is indeed very high now.

Can someone tell me what are the fees?

This is supposed to compensate the miner for his work which is including your transation in a block and it is also the factor which determines your transaction's priority e.g. if you paid 0BTC for the fees, your transaction is at the lowest priority which might never confirmed.

[HCP]

Can someone tell me what are the fees?

They're mentioned in almost every other thread in the "Technical Support" forum these days... These sites will give you a good idea of what is happening with fees:

https://bitcoinfees.earn.com/
https://btc.com/stats/unconfirmed-tx
https://jochen-hoenicke.de/queue/#24h

As mentioned above... fees are related to the data size of the transaction... not the amount of BTC transacted. They should be thought of as a "rate" rather than a fixed amount of btc... (eg. 150 satoshis per byte, or 0.00015000 BTC per KiloByte etc)... not... "ZOMG! I tried to send 0.1 BTC and my fee was 0.01BTC!!!?!". Generally this is what happens when someone tries to spend the 100 or so dust sized inputs they've gathered from faucets or cloud mining etc... and are generating a transaction that takes up like 15,000 bytes... as opposed to a "normal" transaction that takes up about 226 bytes


Also, it's worth noting that fees are very dynamic... The system is constantly changing... so just because fees were 120 sats/byte 6 hours ago, doesn't necessarily mean they'll be that now... sharp increases in the number of unconfirmed transactions due to big events like ICOs or Forks or announcements by major Mining pools or whatever can cause sudden spikes in fee rates.

So fees basically work on "supply" and "demand"... supply being the limited space available in a block and limited number of blocks produced on any given day. Demand being the number of people who want to make bitcoin transactions.

You can track the number of bitcoin transactions sitting in the mempool here... https://blockchain.info/charts/mempool-count

It's currently trending down... so fees should be slowly decreasing as the backlog of unconfirmed transactions in the mempool is cleared out and there is less "demand" for the available block space ("supply")